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ESTES v. COMMISSIONER

Docket Nos. 7560, 7561, 7562.

6 T.C.M. 401 (1947)

Floyd W. Estes v. Commissioner. Mame Estes v. Commissioner. Harry E. Leadley v. Commissioner.

United States Tax Court.

Entered April 21, 1947.

Attorney(s) appearing for the Case

Thomas J. Bailey, Esq., and M. D. Harris, C. P. A., 1102 Olds Tower Bldg., Lansing, Mich., for the petitioners. Clarence E. Price, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

The Commissioner determined deficiencies in income tax for the calendar year 1941, as follows:

  Floyd W. Estes ..........$6,091.29
  Mame Estes .............  6,388.48
  Harry E. Leadley ........   953.92

The only issue for decision is whether the Commissioner erred in holding that a corporation distributed among its assets in liquidation valuable good will, thus increasing the reported gain of the...

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